Any decision to eliminate the mandatory 30% bumiputra equity ownership requirement for private educational institutions in Malaysia must receive Cabinet approval, Economy Minister Akmal Nasrullah Mohd Nasir said. The requirement, established through a collective Cabinet resolution in 2009, cannot be changed without government consensus, he added.
Akmal emphasized the importance of treating the issue with care, noting its connection to the government’s broader bumiputra empowerment agenda. His comments came in response to an announcement by the Education Ministry on September 21 that the minimum 30% bumiputra equity ownership threshold would no longer apply to private limited companies operating private educational institutions. The Education Ministry stated that this revision aimed to better address the evolving needs of the education sector and to encourage wider participation from various stakeholders.
However, the Investment, Trade and Industry Ministry (Miti) later clarified it had no information on the change and indicated that bumiputra equity policies fall under the jurisdiction of the Economy Ministry. This discrepancy underscores the need for coordination among government departments on the matter.
Speaking at the KL20@Penang 2026: Silicon Surge event held at the Penang Waterfront Convention Centre, Akmal also addressed other economic challenges facing Malaysia. He pointed out the difficulty of balancing fuel subsidies aimed at shielding consumers from rising global oil prices with the necessity of maintaining fiscal capacity to support development and economic growth in the coming year.
“Measures such as Budi95 and diesel buffers are intended to mitigate the impact of higher fuel costs on consumers while ensuring that businesses and the broader economy operate effectively,” Akmal said, referring to government initiatives designed to stabilise prices amid ongoing geopolitical tensions in the Middle East. He affirmed the government’s commitment to exploring additional ways to ease the burden of fluctuating fuel prices, while being mindful of fiscal constraints.
On the topic of wages, Akmal stressed the significance of prioritizing higher incomes for Malaysians in Budget 2027. He noted the encouraging economic growth recorded this year despite global uncertainties and urged greater focus on improving the income levels of ordinary citizens.
“To support higher wages, it is essential to strengthen companies so they can offer better-paying jobs,” he remarked. The government’s support for sectors such as automation and equipment testing is part of an effort to upgrade the industrial base and promote higher-value activities within supply chains.
Finally, Akmal indicated ongoing efforts to enhance Malaysia’s economic structure by encouraging domestic firms to move beyond basic manufacturing roles and advance into more sophisticated positions within industrial ecosystems, aiming to foster long-term sustainable growth.